中证报中证网讯(记者龚梦泽)日前，地平线与欧摩威集团合资企业智驾大陆neueHCT完成近2亿美元新 一轮融资，云锋基金、达晨财智等产业资本联合入局，战略股东地平线与欧摩威集团持续追加投资。在 年初首轮市场化融资后再获资本密集青睐，不仅凸显其商业化潜力，更印证了其"国内技术+海外渠 道"的合资新模式与智驾普惠路线的行业价值。 智驾普惠的加速落地则成为资本追捧的另一关键逻辑。伴随智能驾驶从高端车型向大众化渗透，智驾大 陆推出的新一代繁星HCT Astra城区智能辅助驾驶方案，依托地平线征程6M芯片的成本与性能优势，以 一段式端到端架构实现类人驾驶体验，成功将好用的城区辅助驾驶普惠至10万元级乘用车市场。这一突 破精准契合行业需求，助力其2025年斩获超10款车型定点，商业化落地效率领跑行业，也标志着高阶城 区智驾正式迈入国民车时代。 在汽车智能化普及爆发期，智驾大陆的融资进展折射出行业新趋势：技术普惠与全球化布局已成为智驾 企业的核心竞争力。本轮资金将进一步赋能其技术研发与全球市场拓展，而其探索的合资模式与普惠化 路径，或将为行业格局重塑提供新方向，推动中国智驾技术从单点突破迈向全球规模化落地的新阶段。 此次融资 ...

来源：环球网 【环球网科技报道 记者 秦耳】进入12月，电动自行车产品的"新国标"（GB 17761-2024 《电动自行车 安全技术规范》）正式进入落地实施阶段。而就在"新国标"落地的同时，行业销售的乱象却也让二轮电 动车相关消息冲上社交平台热搜。 已经上市的车型中，不少用户发现缺乏实用的"储物"设计，一时间有些车行经销商在直播带货中调侃， 号称"买车送麻袋"，雨衣、头盔、充电器都能放进去，用"麻袋"解决储物难的问题。本应在行业中平稳 运行的政策，为何仍会出现过度的动荡？ 实际上，为了确保电动自行车行驶安全，早在2018年，我国就已出台电动自行车2018版国标。在这一版 的国标中就已经设定了电动自行车的刚性标准。比如：重量不能超过55公斤，车速不能超过25公里/小 时等。不过，彼时为了行业平稳过渡，在实际执行过程中并没有严格校准，厂商依然可以通过一些"手 段"绕过这些限制。 时间拨回到现在，在业内人士看来，刚刚出台的新国标就是2018年国标的升级版，只不过这次的"新国 标"在执行上更为严格。尤其是增加了"低速下测量轮上的扭矩标准"，这样就从客观上杜绝了厂商通过 其他"手段"突破限速的可能性，将电动自行车的最 ...

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [2] - The IPO involved the issuance of 297,397,000 H-shares, with a total fundraising amount of HKD 9.145 billion, making it the largest IPO for a car company in Hong Kong this year [2] - The public offering was oversubscribed by 308.18 times, while the international offering was oversubscribed by 11.61 times [2] Group 2 - Horizon Robotics, a long-term strategic partner of Chery, invested approximately USD 58.7 million (HKD 457.25 million) in the IPO, highlighting the trust and collaboration between the two companies [2][3] - The launch of the Xpeng ET5, the world's first vehicle equipped with Horizon's HSD system and flagship chip, is a significant milestone in their partnership [3][6] - Chery plans to allocate 35% of the IPO proceeds for new model development and 25% for next-generation technology and advanced R&D systems, aligning with Horizon's focus on intelligent driving capabilities [8] Group 3 - Horizon Robotics has established a comprehensive strategic partnership with Chery since 2021, focusing on the development of next-generation assisted driving products [4] - Horizon's products have been adopted by 27 OEMs, with a market share of 32.4% in the Chinese autonomous driving computing solutions market [9] - The company has achieved a production milestone of over 10 million units for its Journey family of products, becoming the first domestic intelligent driving technology company to reach this level [9][12] Group 4 - Horizon Robotics is transitioning from a "hardware and software solution provider" to a "technology infrastructure platform builder," which may lead to a structural change in its valuation logic [13] - The company's stock price has increased by 185% since the beginning of 2025, driven by the rapid growth of the intelligent driving industry and adjustments in its valuation anchors [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant events, including Changan Automobile's February 2025 production and sales report, showing a wholesale vehicle sales volume of 161,400 units, with a year-on-year increase of 0.94% for the cumulative sales from January to February 2025 [2][6] - The company plans to launch 13 new energy vehicle models in 2025, enhancing its global strategy and accelerating its electric and intelligent transformation [6][7] - The report anticipates a recovery in net profit for 2024-2026, with projected figures of 5.245 billion, 6.885 billion, and 9.662 billion yuan respectively, corresponding to EPS of 0.69, 0.97, and 1.14 yuan [6][7] Summary by Sections Sales Performance - In February 2025, the company's wholesale sales were 161,400 units, with a month-on-month decrease of 41.45% and a year-on-year increase of 5.72%. Cumulative sales for January-February 2025 reached 437,100 units, up 0.94% year-on-year [2] - The new energy vehicle sales in February were 39,700 units, reflecting a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] Financial Forecasts - The main revenue forecast for 2025 is 186.5 billion yuan, with a year-on-year growth rate of 11% [3] - The projected net profit for 2025 is 6.885 billion yuan, with a year-on-year growth of 31% [3] Strategic Initiatives - The company is set to enhance its product lineup with new energy models and expand its global market presence, targeting 81 countries [6] - Collaborations with Huawei and CATL are expected to deepen, supporting the company's electric and intelligent transformation [6]